Potential Applications of Enterprise Blockchain

Enterprise Security Magazine | Friday, January 13, 2023

AI-Blockchain has created artificial general intelligence (AGI). Using artificial general intelligence, a machine learning algorithm can identify patterns and predict future outcomes.

FREMONT, CA: Blockchain is a valuable and efficient method for recording corporate transactions, contractual agreements, and private information. A blockchain is an encrypted digital recording of transactions duplicated and distributed across the network of computers that make up the blockchain. This communication and data-sharing method is incredibly tough to manipulate or modify.

The usage of blockchain is expanding outside the financial sector, with applications in healthcare, online voting, data management, e-governance, and energy, among others.

Although blockchain has existed for some time, in 2009, it received widespread awareness as the platform for the bitcoin cryptocurrency, as blockchain and bitcoin appeared to be hazardous and unproven to many. Approximately five years ago, the open-source community began developing and sharing comprehensive blockchain platforms, and the situation began to shift.

Open-source blockchain systems enable developers to create dApps (decentralized applications) to address various issues.

These open-source blockchain algorithms will scale and add storage as necessary and may be modified to accomplish various functions in several industries. However, the fundamental advantage of blockchain is the trust it generates due to its inherent anonymity, security, and openness. Four characteristics specific to blockchain technology are:

Consensus: Shared ledgers are updated once all necessary parties have validated a transaction.

Sharing:  When "a block" - the recorded transaction or event – is approved, it is automatically downloaded to all participants' ledgers. The parties share a copy of the transaction.

Permanence: Although additional blocks can be added, they cannot be withdrawn or just inserted, supporting a lasting record of each transaction and, in turn, enhancing stakeholder confidence.

Security: Only authorized users are permitted to build and access blocks. Only trusted partners and individuals should be granted authorization to gain access.

Hyperledger, which offers a variety of tools and frameworks, and Ethereum, one of the earliest cryptocurrency blockchain platforms, are two notable open-source platforms.

However, when utilizing blockchain, users should be cautious about their expectations. Artificial intelligence is a classic example of a technology that undergoes a hype phase and is accompanied by inflated promises about its strengths and capabilities.

New Applications of Blockchain

Transparency, visibility, and traceability are three of the most valuable advantages of using blockchain. These advantages, coupled with its low cost, are now influencing even the tiniest providers (for example, fishing operations, coffee growers, and mining operations). Other new uses include:

Health care: Currently, most hospitals operate as isolated systems and must contact other hospitals for assistance if they run out of beds or equipment. With blockchain technology, hospitals can establish a network that shares information about their equipment and empty beds. It can also be used to observe the unlawful distribution of prescription medications.

Supply Chain Management: Blockchain technology can monitor and coordinate supply chain changes. Traceability is a critical flaw in the traditional supply chain management method, a crucial requirement for many firms. Blockchain technology provides supply chain transparency and enables firms to monitor their items from the source to the delivery destination.

Real Estate: Real estate agencies have found blockchain handy for maximizing earnings. There is currently a lack of transparency, which slows down the transaction process and makes fraud possible. Blockchain can establish a verifiable, trustworthy chain of ownership and be utilized for construction and property management.

Power Distribution: Electricity is the primary source of energy that powers numerous gadgets and devices around us. The wholesale distribution of electricity, peer-to-peer energy trading, and the homeowner's selling of renewable energy to the power grid have the potential to be enhanced by blockchain technology. Grid+ leverages blockchain technology to provide wholesale energy distribution and peer-to-peer energy trade.

Banking and Finance: Blockchain technology has been adopted most widely by the banking and finance industries. Banks can employ blockchain technology to automate and streamline banking procedures for a seamless end-user experience. Decentralized finance (DeFi) is an open-source movement that has significantly altered the operation of financial apps.

Government Services: Numerous governments are resistant to change. Politicians who have kept their posts for an extended period become accustomed to the status quo and dread change they cannot comprehend. The politicians that represent the wealthy are similarly apprehensive of change. However, Switzerland has surmounted these challenges and begun utilizing the benefits of blockchain technology. In 2018, it was implemented for online voting. The city of Zug, Switzerland, has begun storing its residents' identities, tax returns, and other valuable information in a blockchain system that is easily accessible to the right parties and cannot be manipulated from the outside.

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